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WHAT SHOULD I DO AFTER MY GOODS ARE BEING REPOSSESSED AND NOTICE TO HIRER UNDER SECTION 16 IS SERVED ON ME ?
Where the finance company has taken possession of the goods under the Hire Purchase Act 1967 and served on you the Notice To Hirer Under Section 16, you may :
- get back the goods if within 21 days you require the finance company, by notice in writing signed by you, to re-deliver the goods to you and if, within 21 days after giving the notice, you reinstate the hire purchase agreement by paying the arrears and any interest due on overdue installments, cost of storage, repair or maintenance, cost of repossession and re-delivery
or
- get back the goods if within 21 days you give notice of intention to finalize the hire purchase agreement and pay the balance outstanding under the agreement and cost of the repossession
or
- if you do not intend to take back the goods, reinstate or finalize the hire purchase agreement, you will be liable for the finance company's loss unless the value of the goods repossessed being disposed is sufficient to cover your liability. If the value of the goods is more than sufficient to cover your liability, you will be entitled to a refund
or
- if you do not intend to take back the goods, reinstate or finalize the hire purchase agreement, you may give a written notice to the finance company requiring the finance company to sell the goods to any cash buyer you can introduce who is willing to pay the finance company's estimate of the value of the goods.
WHEN WILL THE FINANCE COMPANY DISPOSE THE GOODS BEING REPOSSESSED IF THE HIRER DOES NOT INTEND TO PAY OR REINSTATE THE HIRE PURCHASE AGREEMENT ?
Where a finance company has taken possession of any goods under a hire purchase agreement, it shall sell or dispose the goods
- with the written consent of the hirer or
- until after expiration of 21 days after the date of the service on the hirer of the Notice To Hirer Under Section 16
Where the finance company intends to sell the goods being repossessed,
- by public auction, the finance company shall be required to serve or cause to be served on the hirer a copy of the notice of such public auction not less than 14 days from the date the said auction is to be held or
- otherwise than by public auction, the finance company shall be required to give the hirer an option to purchase the goods at the price at which he intends to sell them if that price is less than the finance company's estimate of the value of the goods repossessed.
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